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      Energy Preview: MCX Oil to extend recovery above Rs 3K

      MoM Team / Mumbai, May 12, 2017 10:28 AM IST

        Energy Preview: MCX Oil to extend recovery above Rs 3K

        WTI Crude Oil is staying supported on continued buying support after testing five month lows. Equities are managing to hold up and a drop in US crude oil inventories is also working in favour of the commodity. WTI futures are currently trading around $48 per barrel.

        MCX Crude oil ended just under Rs 3,100 per barrel as a recovery from lows under Rs 3,000 mark extended.

        The Energy Information Administration (EIA) data recorded an inventory draw of 5.25 million barrels for the week ending May 5th. Crude inventories declined to 522.5 million barrels, the lowest figure since late February, but still 2.8 percent above year-ago levels.

        Cushing inventories recorded a fourth successive draw with an inventory decline in stocks of 0.44 million barrels on the week. Domestic crude production increased 0.2 percent to 9.31 million bpd with a 5.8 percent increase over the year, maintaining the consistent run of weekly increases this year.

        Gasoline inventories recorded a draw of 0.2 million barrels on the week and stocks are 0.2 percent above year-ago levels. Distillate recorded a draw of 1.6 million barrels with a year-on-year decline of 4.2 percent, unchanged from the previous week.

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